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Business Briefs

RBI makes it easier to get forex

Mumbai, Sept. 27: The Reserve Bank of India (RBI) today reiterated that no documents were required to be produced by bonafide applicants for obtaining necessary foreign exchange in five categories, including US $ 5,000 for tourism in a calendar year. The other cases were business travel up to US $ 25,000 per trip, studies up to US $ 30,000 per academic year, medical treatment upto US $ 50,000 and gifts/donations up to US $ 5,000 in a year, RBI said.

Novel rating

New Delhi, Sept. 27: Securities and Exchange Board of India (Sebi) is formulating guidelines for corporate governance ratings, its chairman G.N. Bajpai said.The ratings will judge the companies and parameters like transparency in decision making and general adherence to corporate governance laws, he said. Tobacco major ITC Ltd is the first ever corporate or company to be rated ‘CGR2’ by the credit rating agency Icra.

Vicks prices

Mumbai, Sept. 27: FMCG major Procter and Gamble today said it plans to reduce the prices of healthcare products under the Vicks brand even as its business in this segment declined by two per cent in the last financial year. “We have reduced the prices of Whisper Ultra and are now planning to reduce that of Vicks products without reducing its profitability,” company chairman Bharat Patel said at its annual general meeting held here.

Jute futures

Calcutta, Sept. 27: The East India Jute & Hessian Exchange today sought resumption of the futures trading in raw jute while discounting apprehensions of any adverse effect on farmers.


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